The ERT Formula E Team has successfully been acquired by American investment firm The Forest Road Company, and has been rebranded as Kiro Race Co.
Based in Los Angeles, Forest Road has completed a full acquisition of ERT, with the team to race under an American license but remain based in Silverstone.
The capital for the takeover was provided by David Kaplan and Bennett Rosenthal, co-founders of Ares Management but managed by Forest Road.
"This is truly a historic moment for our team," said team principal Alex Hui. "Bringing a US-based asset management group like Forest Road into Formula E is a testament to the series' growth and our team's potential.
"Their investment allows us to build with confidence for the future and compete at the highest level. We are excited to work with them and Porsche Motorsport to achieve our goals."
On top of the 100% takeover, the outfit has, as mentioned by Hui, also entered a technical partnership with Porsche.
The German manufacturer will provide Kiro Race Co. with its Gen3 powertrain, not its most modern package. It means the Silverstone-based team will now be a customer outfit, rather than a works squad.
However, the Porsche powertrain Kiro Race Co. will be running – the Porsche 99X Electric WCG3 – has been upgraded to comply with the new Gen3 EVO regulations.
Kiro Race Co's package is based on the powertrain which Jake Dennis and Pascal Wehrlein used to win the past two drivers' titles.
It marks an exciting time for the team, who finished last in the most recent season. The addition of another US team owner is also a boost for the all-electric series.
"We are thrilled to enter The Formula E World Championship and start our journey as Kiro Race Co.," said Jeremy Tarica, managing director of Forest Road.
"The Championship is at a pivotal moment of maturation from a macro and micro perspective. As the world embarks on a massive transition to electric vehicles, the race product has achieved a significant breakthrough in technology with the fastest accelerating single-seater cars.
"We are committed to helping Kiro become a leading force in the industry."
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